GOVERNANCE BAY: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GOVERNANCE BAY
Largest movements
- Cash -€136,541
down €136,541 (-54.1%), from €252,450 to €115,909
mainly Investment in fixed assets (net) (-€126,417) and Receivables within one year (-€105,085)
- Receivables within one year +€105,085
up €105,085 (+86.9%), from €120,878 to €225,964
of which Trade receivables: +€182,757
- Tangible fixed assets +€90,282
up €90,282 (+20.3%), from €444,498 to €534,780
of which Land and buildings: +€92,293
- Deferred charges and accrued income +€11,603
up €11,603 (+106%), from €10,916 to €22,519
- Trade debts +€62,023
up €62,023 (+174%), from €35,728 to €97,751
- Debts after one year +€43,947
up €43,947 (+15.5%), from €283,604 to €327,551
of which Financial debts: +€44,022
- Other debts -€38,776
down €38,776 (-51.7%), from €75,000 to €36,224
- Tax, wage and social debts -€34,831
down €34,831 (-29.0%), from €120,291 to €85,459
of which Taxes: -€34,831
- Reserves +€31,793
up €31,793 (+13.4%), from €236,587 to €268,380
of which Distributable reserves: +€39,393
- Gross operating margin +€91,990
up €91,990 (+171%), from €53,711 to €145,701
- Financial charges +€11,006
up €11,006 (+139%), from €7,923 to €18,928
- Taxes +€10,481
up €10,481 (+86.5%), from €12,112 to €22,592
- Other operating charges -€4,679
down €4,679 (-39.8%), from €11,765 to €7,086
- Depreciation +€2,900
up €2,900 (+8.7%), from €33,235 to €36,135
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €828,743 | €899,171 | +€70,429 | +8.5% |
| Fixed assets | 21/28 | €444,498 | €534,780 | +€90,282 | +20.3% |
| Tangible fixed assets | 22/27 | €444,498 | €534,780 | +€90,282 | +20.3% |
| Land and buildings | 22 | €413,127 | €505,420 | +€92,293 | +22.3% |
| Furniture and vehicles | 24 | €9,668 | €10,021 | +€353 | +3.6% |
| Other tangible fixed assets | 26 | €21,702 | €19,339 | -€2,363 | -10.9% |
| Current assets | 29/58 | €384,245 | €364,391 | -€19,854 | -5.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €120,878 | €225,964 | +€105,085 | +86.9% |
| Trade receivables | 40 | €42,252 | €225,009 | +€182,757 | +433% |
| Other amounts receivable | 41 | €78,626 | €955 | -€77,671 | -98.8% |
| Cash at bank and in hand | 54/58 | €252,450 | €115,909 | -€136,541 | -54.1% |
| Deferred charges and accrued income | 490/1 | €10,916 | €22,519 | +€11,603 | +106% |
| Total equity and liabilities | 10/49 | €828,743 | €899,171 | +€70,429 | +8.5% |
| Equity | 10/15 | €255,137 | €286,930 | +€31,793 | +12.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €236,587 | €268,380 | +€31,793 | +13.4% |
| Tax-exempt reserves | 132 | €110,056 | €102,456 | -€7,600 | -6.9% |
| Distributable reserves | 133 | €126,531 | €165,924 | +€39,393 | +31.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €27,514 | €25,614 | -€1,900 | -6.9% |
| Deferred taxes | 168 | €27,514 | €25,614 | -€1,900 | -6.9% |
| Amounts payable | 17/49 | €546,092 | €586,627 | +€40,535 | +7.4% |
| Amounts payable after more than one year | 17 | €283,604 | €327,551 | +€43,947 | +15.5% |
| Financial debts | 170/4 | €281,204 | €325,226 | +€44,022 | +15.7% |
| Other amounts payable | 178/9 | €2,400 | €2,325 | -€75 | -3.1% |
| Amounts payable within one year | 42/48 | €262,488 | €259,077 | -€3,411 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €31,470 | €39,642 | +€8,172 | +26.0% |
| Trade debts | 44 | €35,728 | €97,751 | +€62,023 | +174% |
| Suppliers | 440/4 | €35,728 | €97,751 | +€62,023 | +174% |
| Taxes, remuneration and social security | 45 | €120,291 | €85,459 | -€34,831 | -29.0% |
| Taxes | 450/3 | €118,291 | €83,459 | -€34,831 | -29.4% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €75,000 | €36,224 | -€38,776 | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,235 | €36,135 | +€2,900 | +8.7% |
| Other operating charges | 640/8 | €11,765 | €7,086 | -€4,679 | -39.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €53,711 | €145,701 | +€91,990 | +171% |
| Operating profit (loss) | 9901 | €8,711 | €102,479 | +€93,769 | +1,076% |
| Financial income | 75/76B | €6,353 | €3,935 | -€2,418 | -38.1% |
| Recurring financial income | 75 | €6,353 | €3,935 | -€2,418 | -38.1% |
| Financial charges | 65/66B | €7,923 | €18,928 | +€11,006 | +139% |
| Recurring financial charges | 65 | €7,923 | €18,928 | +€11,006 | +139% |
| Profit (loss) for the period before taxes | 9903 | €7,141 | €87,486 | +€80,345 | +1,125% |
| Transfer from deferred taxes | 780 | €1,900 | €1,900 | = | 0.0% |
| Income taxes | 67/77 | €12,112 | €22,592 | +€10,481 | +86.5% |
| Profit (loss) for the period | 9904 | -€3,071 | €66,793 | +€69,864 | |
| Transfer from tax-exempt reserves | 789 | €7,600 | €7,600 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,529 | €74,393 | +€69,864 | +1,543% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.